Khan Market in New Delhi Listed Among the World's Most Expensive Shopping Streets

2024-11-22 11:23:34

India's High-End Retail Spots Ranked: Khan Market Tops, Followed by Anna Nagar, Fort, Connaught Place, Galleria, and Park Street  

Khan Market in New Delhi continues to rank among the world's priciest high-street retail destinations, driven by India's robust economic growth, according to a report by real estate consultancy Cushman & Wakefield.  

As of September, annual rental costs in Khan Market reached $229 per square foot, surpassing Toronto's Bloor Street by $7. Across 16 Indian retail hubs, rents rose by 9% during the quarter, outpacing the global average growth rate of 4.4%, the report noted.  

“The Indian economy has been the strongest major economy in the world this year, a trend reflected in its robust rental growth performance,” the report stated. Rising rents in India highlight the growing competition for premium retail spaces as businesses shift toward high-end offerings amidst a slowdown in mass consumption growth.  

Globally, Italy's Via Montenapoleone claimed the top spot as the costliest retail location, with rents increasing 11% to $2,047 per square foot annually, overtaking New York's Upper 5th Avenue at $2,000 per square foot. In contrast, Buenos Aires in Argentina was the most affordable among the 49 premium retail streets ranked.  

Other high-end retail destinations in India included Chennai's Anna Nagar, Mumbai's Fort area, New Delhi's Connaught Place, Gurgaon's Galleria Market, and Kolkata's Park Street, further showcasing the country's thriving premium retail market.